Hamleys: Mukesh Ambani is a pioneering, practical businessman and most importantly India’s richest man. He is ranked 13 on the Forbes List among the billionaires of 2019. The ultimate business tycoon and the largest shareholder of a company named Reliance Industries Limited (RIL), which holds a magnificent market value.
Hamleys gets a new owner:
The news of this purchase was recorded by BBC news.
Hamleys opened his first store at Regent Street, London with seven floors. As the time progressed, the stores opened worldwide. Toy store reported in a loss with the firm blaming factors, such as Blexit and the threat of terrorism, which proved a major contributing factor in the downfall.
Hamleys, was founded in 1760, is the world’s oldest retailer chain. The 259- year old retail chain still proves to be a major attraction of the city. The deal was finalized in ₹620 crores.
The CEO of Reliance, Mr. Darshan Mehta remarked:
“Under he Hamleys brand in India, we have built a very significant and profitable business in toy retailing, over the years. Even decades before the concept of creating unique experiences in brick and mortar retailing became the new global norm, This 250 year old English retailer pioneered the concept of experiential retailing.“
Mr. Darshan Mehta also marks this success by describing it as a “Long cherished dream come true.”
Hamleys: India's richest man Mukesh Ambani buys iconic toy store https://t.co/xO2FiphHES
— BBC News (World) (@BBCWorld) May 10, 2019
The success of this deal marked by the economic decline of the toy store which prove to be the root cause. It said that the retail environment in 2017, was “difficult“ as the owners and consumers were unable to meet the high cost with rents and rates. As the news of terror attack caused a havoc in the city. Hamleys faced a decline in its sales which marked the decrease in the number of customers.
But Twitter has got No Chill!
Reliance Industries has bought Hamleys. A subtle hint by Mukesh Ambani to Akash Ambani that he wants grandchildren.
— Bollywood Gandu (@BollywoodGandu) May 10, 2019
Has the season for ‘Badhai Ho’ just started ?
— Shubhash Sharma (@Sharmaji_says) May 9, 2019
But, do tell us, what you think about this purchase. Also, write us in the comment section below.